OMREB released it’s July sales stats for the Central Okanagan and the results were not surprising given the trending we have seen this summer.  The market for real estate in the area is significantly quieter this year compared to same time last year, and much slower than even last month.  The sleepy days of summer are definitely upon us.

Homes sold in the Central Okanagan in June & July averaged 74 days on the market.

Total residential sales for the Central Okanagan in July were 215, down 50% from last year and 33% from last month.  Of those, 105 were single family homes.  FULL REPORT.

A little perspective-  yes, the market is slower than last year but remember, June and July of last year were serious rebound months from an abysmal early 2009.  And the market is predicted to pick up in the fall according the BCREA’s latest forecast.

I also decided to do a little digging, just to see how long homes are actually staying on the market these days.  I was actually surprised to discover the following stats, relating to sales of SINGLE FAMILY HOMES in the Central Okanagan;

Of the 339 single family homes sold in the Central Okanagan during the period starting June 1, 2010 and ending July 31, 2010;

  • Nearly 24% were sold in less than 30 days on the market
  • 48% were sold in less than 60 days on the market
  • 68% were sold in less than 90 days on the market
  • 85% were sold in less than 120 days on the  market
  • Only 15% spent more than 120 days on the market
  • Only 11.5% spent more than 150 days on the market
  • Only 4% spent more than 180 days on the market

AVERAGE NUMBER OF DAYS ON THE MARKET for June and July SOLDS: 74 days

That’s just under 11 weeks folks.

If you are interested in similar statistics for other home types (condo’s, townhomes) or by neighborhood, feel free to contact me or the Kelowna Real Estate Pros team for a complimentary market analysis.

Enjoy the rest of your summer!

Darcy